We investigated CoinmasFX and found that things do not appear to be going well for this shady broker. In this comprehensive CoinmasFX review, we highlight some major red flags that you should be aware of if you are considering trading with the firm. The company lacks corporate information, the website lacks background information, and it frequently crashes.
Even if the company claims to be regulated, remember that it is not because it is illegal and unregulated! They even promise guaranteed profits to their clients, profits that can reach 30% per day, which no one can deliver – this broker screams scam!
Furthermore, we strongly advise you not to invest in fraudulent brokers such as Winvestock, RoboFXTrade, and Broker Capitals.
Is CoinmasFX a regulated broker?
The firm claims to be based in San Francisco, California, which is impossible because it is not licenced. CoinmasFX is not listed in the NFA or CFTC databases. Above all, the company claims to be regulated, but if you look at how they conduct business, you will see that this is a ridiculous lie.
How Dangerous Is An Unlicensed Broker?
Licensed brokers must adhere to a slew of strict rules, and everything must be done exactly as written. These safeguards are for the protection of the client, which you will never find with an unlicensed broker.
Because scam companies have only one goal, which is to steal money, they are not monitored and can spend their clients’ money however they want.
Is CoinmasFX a Trustworthy Broker or a Scam?
CoinmasFX is an unregulated broker claiming to be based in the United States. The company is not licenced by any financial regulatory body.
Traders’ CoinmasFX Experiences
If you look at online comments, you will find negative feedback. Similarly, that only means one thing: avoid this shady broker. Broker employees, according to reviews, will be quite pleasant while you invest your funds. However, once you submit a withdrawal request, they will stop responding and ensure that your funds are blocked.
CoinmasFX provides which platforms? – Trade Software Available
CoinmasFX has phoney trading software because it’s an informative chart that only appears to be a platform – absurd.
This fact should suffice, as the company lacks a reliable trading tool, such as MetaTrader4 or MetaTrader5. These platforms are the best in the industry and are synonymous with Forex trading because they have numerous advanced features that are extremely useful. Always go with the MetaTrader offer when selecting a broker.
Company Achievements – CoinmasFX Awards
The company claims to have won a number of prestigious awards, including:
cTrader Broker of Choice
Corporate Technology Leadership
2018 Forex Trading Platform
Execution of Trades
Best Copy Trading Platform
The most effective retail platform
Don’t believe it. The company is not regulated in the first place, does not have a cTrader, and has been dormant since 2018.
CoinmasFX Accounts in Detail
The CoinmasFX broker provides four investment plans, resulting in four account types:
$1000 for the basic plan
$5000 for the advanced plan
$10,000 for the premium plan
$15,000 for a mining plan
Amount of Minimum Investment
There is no minimum deposit requirement, so you can begin with as little as $1. However, you will be required to upgrade to a $1,000 Basic plan. As a result, the company claims that this package will generate 10% profit daily. Please keep in mind that no one can guarantee profits, and this broker does, which can only mean one thing: SCAM!
What kind of trading terms does CoinmasFX offer?
There are no CoinmasFX trading conditions! Their leverage is unusually high, but spreads as low as 0.0 pips are possible. This is absurd because it implies that zero spreads indicate low trading costs and 1:500 leverage indicates higher profit potential. Overall, this is a decent lure.
The broker claims that their leverage can reach 1:500. Another reason to mention the regulations is that licensed companies cannot have leverage greater than 1:50. Furthermore, do not put your trust in this broker or you will become a victim of a scam.
Deposit and Withdrawal Methods at CoinmasFX
The company accepts a few deposit methods, all of which are done in cryptocurrency. Furthermore, this is an excellent way for a scammer to escape with their client’s money. Because crypto transactions are virtually untraceable and not chargeable, it will be nearly impossible to get your money back if you deposit this way.
Bonuses and Referral Programs – Unethical Practices
Many non-legitimate brokers use a bonus scheme to commit fraud, and this is how they do it. They will give you a sum that appears to be quite generous, but when you try to withdraw your profits, you will quickly discover that every bonus comes with a catch.
Clients must achieve an enormously high and unattainable trading volume. That also fits in with their primary goal of stealing your money. Thus, keep in mind that the bonuses offered by these companies do not exist; on the contrary, they will cause more suffering.
CoinmasFX Broker Scammed You? – Tell Us Your Story
If you were conned by this broker, please share your story with us so that we can help you get your money back! There is an alternative, but you must act quickly!
First and foremost, report the scam and ask for a chargeback. Contact us via online chat and we’ll assess your situation. Don’t let the scammers get away with your money!